Sukanya Samriddhi Yojana Account

Sukanya Samriddhi Yojana Account
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According to wikipidia Sukanya Samriddhi Yojana Account is literally “Girl Child Prosperity Account”. Sukanya Samriddhi Yojana is backed by government of India targeting at the parents of girl child scheme. The scheme is mainly focused to encourage Girls parents to save fund for future expenses like marriage and study.

The Scheme is Launched by Prime Minister Shree Narendra Modi on 22nd January, 2015. The account can be opened at any post office and any of authorize banks.

Some Highlights of Sukanya Samridhi Yojana Account:

Parent/Gurdian can open sukanya Samriddhi Account in the name of girl child till 10 year of age & money is deposited to account till 14 year of age. Sukanya Samriddhi Yojana offers the following tax benefits to those enrolled in the scheme. Investments made towards this scheme are eligible for tax deduction under Section 80C of the Income Tax Act. This deduction is subject to a maximum of Rs 1.5 lakh towards this scheme and interest received on sukanya samriddhi account is also exempted.
sukanya samriddhi yojana

Lets Take Example

If You deposit Rs.1000 in your daughter SSA account every Financial Year. You invest 14000 thousand for your girl child and on time of maturity you get Rs 48205 if interest rate is 8.5 (Current Interest Rate).

Above Chart show total invested Sukanay Samriddhi Account calculation money and Interest money when scheme matured for given example.

How to open account:

just go to nearest post office or authorized bank branch. With following document:

  • Certificate of birth the girl child : The certificate of birth is often provided.
  • KYC documents of parent
  • 2 Photograph of child and parent

You also can transfer account anywhere in India and from Post Office to Bank or Vice-Versa free of cost on furnishing of proof of shifting.

List of authorized Banks of Sukanya Samriddhi Yojana:

Here is the list of 28 banks (public and private) where parents can contact to open Sukanya Samriddhi Bank Account which is a small savings scheme:

  • Allahabad Bank
  • Andhra Bank
  • Axis Bank Limited
  • BoB – Bank of Baroda
  • BoI – Bank of India
  • Bank of Maharashtra
  • Canara Bank
  • CBI – Central Bank of India
  • Corporation Bank
  • Dena Bank Limited
  • ICICI Bank Limited
  • IDBI Bank Limited
  • Indian Bank
  • IOB – Indian Overseas Bank
  • OBC – Oriental Bank of Commerce
  • P&SB – Punjab & Sind Bank
  • PNB – Punjab National Bank
  • SBBJ – State Bank of Bikaner and Jaipur
  • SBI – State Bank of India
  • SBH – State Bank of Hyderabad
  • SBM – State Bank of Mysore
  • SBP – State Bank of Patiala
  • SBT – State Bank of Travancore
  • Syndicate Bank
  • UCO Bank
  • Union Bank of India
  • United Bank of India
  • Vijaya Bank


  • Sukanya Samriddhi account will be opened only with minimum initial deposit of one thousand and there after any amount in multiple of hundred rupees. Minimum Deposits is INR 1000 and maximum is INR 150000 in Financial year
  • Total amount deposited in an account shall not exceed INR 150000. If deposited no interest is payed on it.
  • Deposit may be made in account till completion of 15 year from date of opening.
  • In account in which minimum amount has not be deposited is considered as default, which is regularized on payment of penalty (That is INR 50 per year) with minimum amount of the years of default.
  • Sukanya Samriddhi Yojana Account can only be regularized within 15 years else post office or Bank interest is applicable.

Interest on Sukanya Samriddhi Yojana Account:

  • Current interest on SSA is 8.5 percent from 1st October 2016 till now.
  • Interest on deposit shall be calculated for the calendar month on the lowest balance in an account made between the close of 10th day and end of the month.
  • Interest shall be compounded annually.
  • Interested is permitted even after the completion of 14 years of the account till the Closure of account on maturity.

Withdrawal from Sukanya Samriddhi Yojana Account

withdrawal is permissible only when the girl child attains 18years of age or has passed tenth standard.

Premature Closing of Sukanay Samriddhi Account:

  • On the death of account holder the account is closed immediately on production of death certificate issued by complement authority. In the case of Interest will be paid till the death of account holder.
    If account holder become NRI after opening account. No interest is paid in this case.
  • In case of extreme cases such as medical support for life threatening disease of the account holder or the death of gurdian. It may be done after complete documentation from complement authority.
    Premature closure is now allowed at any time from SSA without seeking any permission from ministry. In this case whole amount is eligible only for interest rate applicable Post Office or Bank.